EMI will be $ 2166 . Calculation is as follows
350000= x * (1/(1+6.3%) )30
Where x is per annum EMI ,if we dived annual EMI with 12 , we get per month EMI, which is 2166 (it includes principal and interest) .
a) So we prepare EMI schedule for 360 periods , at 254th EMI, outstanding balance will be $175771 . So it will take 21.16 years.
b) so we pay Rs. 400 extra in the EMI, then 70% of .$350000 will be paid by 194th installment and the calculation is as follows
(1+(6.3%/12)) nn = 350000*70%
Then n= 194
c) (1+(6.3%/12)) n = 350000
Then n= 241 where loan outstanding is zero
d) in original mortagage the total interest amount is $429904 where as when extra 400 has been paid in per EMI the total interest amount as per EMI schedule is $ 266925 , so there is interest saving of $ 162978.
I couldn't submit original as well as revised EMI schedule for all 360 periods due to space constraint. Thank you
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